The long-running poll, compiled by UK based Eastern Eye newspaper, also features Pakistani singer-actor Ali Zafar in the third position.
Malik, 22, rose up from ninth position last year and came out on top following millions of votes from across the globe for the 12th edition of the popular annual poll. He has also become the youngest ever to top the list.
The highest placed newcomer in this year’s list is 24-year-old Indian television actor Parth Samthaan (11).
Kushal Tandon, Gautam Rode, Kunwar Amar, Rithvik Dhanjani, Harshad Arora, Shakti Arora, Mohit Sehgal, Shaheer Sheikh, Shabir Ahluwalia, Ravi Dubey and Gautam Gulati are among the TV actors in the list.
Virat Kohli is the only sportsman to make it to the list and 50-year-old Shah Rukh is the oldest in the 2015 countdown.